Back in April 2012 we first suggested - to loud jeers by the "pundits" who were convinced there is no chance in hell of it happening - that Goldman's take over of the world's central bank triumvirate: the NY Fed (Bill Dudley), the ECB (Mario Draghi) and the Bank of England, would soon be completed with Mark Carney taking over the world's oldest central bank located on Threadneedle street. Today, this process has concluded and we have photographic evidence.
Behold Goldman's Mark Carney attending his first BOE Monetary Policy briefing (don't miss Michael Cross, Head of Foreign Exchange, and Executive Director for Markets, of Fleecebook fame sitting on the lower left).
And the man himself:
Monday, July 1, 2013
Dozens of people across western US states have been treated for exhaustion and dehydration, as the region is continuing to bake in a heat wave.
A man in Las Vegas is believed to have died from a heat-related illness.
Air-conditioned "cooling centres" have been set up in California, Nevada and Arizona, as officials warn the heat could be life-threatening.
Temperatures in some areas are expected to be near 54C (130F) - close to the world's all-time record.
Several parts of California - including the desert town of Palm Springs - saw record highs on Saturday.
There are fears of wildfires, as the heat could last for several days.Pushed to the limit
More than 34 people were taken to hospital after attending an outdoor concert in Las Vegas, Nevada, officials said.
They also said that an elderly resident was found dead in a house with no air-conditioning. The man suffered medical problems, but his condition is believed to have been aggravated by the heat, according to the Associated Press news agency.
CATHOLIC PRIEST BEHEADED IN SYRIA BY AL-QAEDA-LINKED REBELS AS MEN AND CHILDREN TAKE PICTURES AND CHEER
Syrian Catholic priest Francois Murad killed last weekend by jihadi fighters was beheaded, according to a report by Catholic Online which is linking to video purportedly showing the brutal murder.
As TheBlaze reported last week, Murad, 49, was setting up a monastery in Gassanieh, northern Syria. Last Sunday, on the Christian leader’s Sabbath, extremist militants trying to topple President Bashar Assad breached the monastery and grabbed Murad.
While earlier reports suggested Murad may have been shot to death, Catholic Online reported Saturday: “The Vatican is confirming the death by beheading of Franciscan Father, Francois Murad, who was martyred by Syrian jihadists on June 23.”
IGPEN reports an increase of seismic activity over the past days which might herald a new phase of activity in the near future.
The number of earthquakes associated with fluid movement within the volcano has risen from 10 daily earthquakes on June 20 to 54 earthquakes on 29 June. These so-called long period (LP) earthquakes often reflect an increase in pressure inside the volcano. So far, the earthquakes are small and not felt by people.
In the afternoon of 29 June, mild fumarolic activity was observed in the crater area. Gas sensors installed near the volcano showed no increase in the concentration of SO2 gas, which suggests that the conduit is currently blocked by a plug, which supports the idea of increasing pressure inside the volcano.
Based on the above, IGPEN warns that the pressure build-up could lead to an explosion that destroys the plug, as has happened on other occasions, such as on 16 December last year, and result in new activity of the volcano such as in March and May this year.
(Reuters) - Euro zone unemployment is at a record high and consumer prices are being driven upward by volatile energy and food prices, data showed on Monday, underlining the fragility of the bloc's economic health.
Inflation in the 17-nation euro zone, which is suffering from its longest ever recession, increased to 1.6 percent year-on-year in June from 1.4 percent in May, the EU's statistics office Eurostat said.
Joblessness in the bloc stood at a record 12.1 percent in May, with the number of people out of work rising further above 19 million, Eurostat added.
Government austerity programs across the continent have helped fuel the economic hardship and provoked widespread public discontent, especially with more than half of young people unemployed in Greece and Spain.
June's inflation reading was the second upward move from a three-year low of 1.2 percent in April, although it remains beneath the European Central Bank's target of just under 2 percent.
Economists expect inflation to remain below the target for the rest of this year, giving the ECB scope to leave interest rates at a record low, although signs of improvement at European factories may stop the bank from cutting rates again.
"June's rise was driven rather by unfavorable base effects and the ECB has flagged the possibility of short-term inflation volatility," said Nick Matthews, a senior European economist at Nomura. "We expect inflation to drop sharply again in summer."
Prices of food, alcohol and tobacco products were the key factor driving inflation in June, followed by energy and services, Eurostat said in its first estimate for the month.
Core inflation, which strips out volatile food and energy prices, was stable at 1.2 percent, and did not appear to sustain an upward trend, economists said.
The ECB said last week it will keep its accommodative monetary policy stance to help a gradual economic recovery that is expected to start in the second half of this year.
"The low inflation rate will permit the ECB to leave interest rates at very low levels for a long time," said Christoph Weil, an economist at Commerzbank, who expects the bank to start increasing rates at the end of next year.
The demonstrations that began Sunday in Cairo, Egypt against the Muslim Brotherhood government of President Mohamed Morsi have attracted "millions" of supporters and many counter-demonstrators as well, making the protest the largest political event in the history of the world, according to the BBC.
The protests in Tahrir Square and throughout Egypt exceed those that ousted President Hosni Mubarak in 2011 in the key event of the Arab Spring. Two years later, after constitutional reforms and elections that saw Morsi and the Muslim Brotherhood move to aggrandize their power, the public backlash is immense.
The demonstrations pose a puzzle for President Barack Obama, who was touring South Africa at the other end of the continent when the demonstrations began. In 2011, Obama initially supported Mubarak, then threw his weight behind the protests and reached out to the Muslim Brotherhood on its way to power.
The Obama administration, through Ambassador Anne Patterson, actively discouraged Sunday's protests, as Breitbart News' Kerry Picket reported last week. "Egypt needs stability to get its economic house in order, and more violence on the streets will do little more than add new names to the lists of martyrs," she said.
Delivering an address at the University of Cape Town on Sunday night that was billed as the highlight of his three-nation tour, Obama touted Africa's movement towards democracy but did not mention the Cairo protests, and downplayed the U.S. intervention in Libya and the chaos that followed in its wake.
The Tahrir Square protests in Cairo bear echoes of recent protests in Turkey, as well as the "Cedar Revolution" that took place in Lebanon in 2005, and the "Green Revolution" of Iran in 2009, when citizens took to the streets to protest economic stagnation, religious oppression, and costly foreign entanglements.
Yet if the Cedar Revolution was partly inspired by the toppling of Saddam Hussein in Iraq, and the Green Revolution was partly inspired both by Iraq and the end of the Taliban regime in neighboring Afghanistan, the new protests in Cairo and Istanbul seem endogenous, fueled by popular discontent at Islamist rule.